Valletta real estate developer VBL Group on Thursday (today) announced that its Board of Directors has recommended the distribution of a final net dividend of €200,000.
This comes after the Board of Directors held a meeting on Wednesday. The Board resolved to recommend for the approval at the Annual General Meeting (AGM) a dividend equivalent to €0.0803 cents per ordinary share.
It will be paid to all shareholders of the company registered on the register of members as at 26th June 2024.
VBL Group stated that further details regarding the AGM “will be provided in due course.”
The initial announcement that the Board of Directors would be considering the payment of a final dividend was made earlier this year when the company released its Annual Report for 2023.
During 2023, VBL Group experienced a 40.1 per cent increase in revenue, totalling €3.2 million, largely a result of a rise in rental income. However, costs, particularly cost of sales and administrative expenses, also increased significantly. As a result, pre-tax profit for 2023 amounted to €2 million, substantially lower than the €6.6 million recorded in 2022.
VBL Group is involved in the property ownership and full process of real estate acquisitions, integrated real estate development, property management, operations, utilisation and disposal of properties, with the main market of operation being Valletta. Since it was established over 10 years ago, VBL Group has become one of the largest and most active investors in immovable property in Valletta.
